Core Insights - The company reported a revenue of 7.281 billion yuan for 2024, reflecting a growth of 7.31%, while the net profit attributable to shareholders was 381 million yuan, showing a decline of 1.68% [1] - For Q1 2025, the company achieved a revenue of 1.832 billion yuan, an increase of 7.41%, but the net profit dropped significantly by 57.82% to 69 million yuan [1] - The company is accelerating its data center business delivery, focusing on high-performance intelligent computing services across various regions in China [1] Data Center Market - The Chinese data center market is projected to reach approximately 277.3 billion yuan in 2024 and is expected to grow to 318 billion yuan in 2025 [1] - The company has invested in the construction of data center projects in Inner Mongolia and has initiated the construction of the Tianjin Baodi Phase III project [1] - The company has planned a cabinet scale of over 230,000 units nationwide, with more than 59,000 cabinets already in operation [1] Cloud Computing and AI Focus - Amazon Cloud Technology's revenue from cloud computing services increased to 70.07% in 2024, driven by continuous investment and technological upgrades [2] - The company has established a comprehensive localized service system in the Beijing region, launching nearly 500 new features or services [2] - The company is recognized as a top-level consulting partner of Amazon Cloud Technology, holding various certifications to implement automated services based on Amazon's public cloud [2] Future Profit Projections - The company is projected to achieve net profits attributable to shareholders of 395 million yuan, 432 million yuan, and 494 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 3.45%, 9.38%, and 14.52% [3] - The company's IDC business is steadily expanding, and the AI-driven growth in cloud computing is expected to improve long-term performance [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Viewpoints - The company is accelerating its data center business delivery and providing high-performance intelligent computing services, with significant investments in various regions including Inner Mongolia and Tianjin [5]. - The cloud computing service revenue is expected to increase, driven by continuous investment and technological upgrades, with a projected revenue share of 70.07% in 2024 [5]. - The company is expected to achieve net profits of 3.95 billion, 4.32 billion, and 4.94 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 62.41, 57.06, and 49.82 [5]. Financial Forecast Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, 2026, and 2027 are 72.81 billion, 76.48 billion, 83.38 billion, and 92.45 billion yuan respectively, with growth rates of -7.31%, 5.03%, 9.02%, and 10.88% [2][7]. - **Net Profit Forecast**: Expected net profits for the same years are 3.81 billion, 3.95 billion, 4.32 billion, and 4.94 billion yuan, with growth rates of -1.68%, 3.45%, 9.38%, and 14.52% [2][7]. - **Gross Margin**: The gross margin is projected to be 16.55%, 16.50%, 16.70%, and 16.90% for the years 2024 to 2027 [2][7]. - **Earnings Per Share (EPS)**: The diluted EPS is expected to be 0.21, 0.22, 0.24, and 0.27 yuan for the years 2024 to 2027 [2][7]. - **Price-to-Earnings Ratio (PE)**: The PE ratios are forecasted to be 64.56, 62.41, 57.06, and 49.82 for the years 2024 to 2027 [2][7].

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's performance in 2024 is expected to be stable, but the first quarter of 2025 is impacted by the expiration and disposal of Amazon's operational assets, leading to a decrease in revenue and net profit [1] - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 381 million yuan, down 2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.831 billion yuan, a decrease of 7% year-on-year, with a net profit of 69.17 million yuan, down 58% year-on-year [1] Business Performance - In 2024, the IDC and value-added services revenue was 2.089 billion yuan, down 6% year-on-year, with a gross margin of 34.4%, a decline of 1.35 percentage points [2] - The cloud computing and related services revenue was 5.102 billion yuan, down 8% year-on-year, but the gross margin improved to 9%, an increase of 1.14 percentage points [2] IDC and Resource Planning - The company has a rich IDC reserve, with a total planned capacity that is 3.9 times the currently operational capacity [3] - The company is expanding its data center business in key regions and has initiated the construction of the Tianjin Baodi Phase III project [3] Computing Power Leasing - The company has launched high-performance computing services, with a computing power scale exceeding 4000P, and plans to expand further into Hainan and Malaysia [4] Profit Forecast and Investment Suggestions - Due to the impact of Amazon's asset disposal on cloud business, profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 367 million yuan, 457 million yuan, and 551 million yuan respectively [5] - The company maintains a strong resource position in core areas and is expected to benefit from increasing AI computing demand, hence the "Accumulate" rating is upheld [5]

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [7] Core Views - The company's performance in 2024 is expected to be stable, but the first quarter of 2025 is impacted by the expiration of Amazon's operational assets, leading to a decrease in revenue and net profit [1] - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 381 million yuan, down 2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.831 billion yuan, a decrease of 7% year-on-year, with a net profit of 69.17 million yuan, down 58% year-on-year [1] - The decline in performance is attributed to increased supply in data centers leading to lower IDC rental prices and the impact of Amazon's asset disposal [1] Business Performance - In 2024, the IDC and value-added services revenue was 2.089 billion yuan, down 6% year-on-year, with a gross margin of 34.4%, a decrease of 1.35 percentage points [2] - The cloud computing and related services revenue was 5.102 billion yuan, down 8% year-on-year, but the gross margin improved to 9%, an increase of 1.14 percentage points [2] IDC and Resource Planning - The company has a rich reserve of IDC resources, with a total planned capacity of 3.9 times the currently operational units [3] - The company is expanding its IDC business in key regions and has initiated the construction of new projects in Tianjin [3] Computing Power Leasing - The company has launched high-performance computing services, with a current scale exceeding 4000P, and plans to expand further into Hainan and Malaysia [4] Profit Forecast and Investment Suggestions - Due to the impact of Amazon's asset disposal on cloud business, profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 367 million yuan, 457 million yuan, and 551 million yuan respectively [5] - The company is expected to benefit from increasing demand for AI computing power and improved utilization rates in its IDC business, maintaining the "Accumulate" rating [5]

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 7.28 billion yuan for 2024, a year-on-year decrease of 7.31%, and a net profit attributable to shareholders of 0.38 billion yuan, down 1.68% year-on-year [3]. - The IDC business is expanding steadily, with over 23,000 planned cabinets nationwide and more than 59,000 cabinets in operation as of Q1 2025 [4]. - The company is actively pursuing green initiatives, achieving energy savings of approximately 64.8 million KWH in 2024 and installing solar systems with a capacity of nearly 2,500 KW [4]. - The integration of AI is expected to enhance operational efficiency, although the cloud computing business saw a revenue decline of 11.41% year-on-year in Q1 2025 [5]. - Revenue projections for 2025-2027 are estimated at 7.66 billion, 8.23 billion, and 8.90 billion yuan, with corresponding net profits of 0.42 billion, 0.46 billion, and 0.49 billion yuan [5][7]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.28 billion yuan, with a net profit of 0.38 billion yuan and a decrease in net profit margin [3][11]. - For Q1 2025, revenue was 1.83 billion yuan, with a significant drop in net profit to 0.07 billion yuan, reflecting a 57.8% year-on-year decline [3]. IDC Business Expansion - The company is expanding its IDC operations in key regions, with a focus on the Beijing-Tianjin-Hebei and Yangtze River Delta areas [4]. - The IDC business gross margin was reported at 34.12%, influenced by increased competition and a decline in rental prices [4]. Green Initiatives - The company has implemented energy-saving measures and is developing renewable energy projects, contributing to its commitment to low-carbon operations [4]. AI Integration - The company is leveraging AI technologies to enhance its service offerings, although it faces challenges in cost reduction and efficiency improvements [5]. Future Projections - Revenue and net profit are expected to grow in the coming years, with a projected PE ratio of 57, 52, and 49 for 2025, 2026, and 2027 respectively [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable long-term growth outlook despite short-term challenges [4][6]. Core Insights - The company reported a revenue of 7.281 billion yuan in 2024, a decrease of 7.31% year-on-year, and a net profit attributable to shareholders of 381 million yuan, down 1.68% year-on-year. For Q1 2025, revenue was 1.832 billion yuan, a decline of 7.41%, with a net profit of 69 million yuan, down 57.82% year-on-year. The primary reasons for these declines are intensified competition and price reductions due to supply-demand imbalances [1][4]. - The company is actively expanding its Internet Data Center (IDC) business across various regions, including investments in Inner Mongolia and the launch of new projects in Tianjin. As of April 2025, the company has planned over 230,000 cabinets nationwide, with more than 59,000 already in operation [2]. - The cloud computing business remains stable, with the company providing extensive cloud services through its partnership with Amazon Web Services. The company has introduced nearly 500 new features or services since its inception, catering to various industries [3]. Financial Performance and Forecast - The company’s revenue is projected to recover slightly in 2025, with an estimated revenue of 7.694 billion yuan, reflecting a growth rate of 5.66%. However, net profit forecasts for 2025 and 2026 have been significantly reduced to 391 million yuan and 443 million yuan, respectively, due to ongoing competitive pressures [4][10]. - Key financial metrics indicate a decline in profitability, with a projected return on equity (ROE) of 3.0% in 2025, slightly improving to 3.7% by 2027. The price-to-earnings (P/E) ratio is expected to decrease from 65 in 2025 to 50 in 2027, suggesting a more attractive valuation over time [12][13]. Business Advantages - The company benefits from a strategic national layout for its IDC business, with a focus on resource advantages and technological service innovations accumulated over 20 years. This positions the company well for long-term growth despite current market challenges [3].

本报告导读： 公司重视股东回报。公司通过了2024 年度利润分配预案，拟每10股派发现金红利0.60 元（含税），另 外公司还制定《市值管理制度》及"质量回报双提升"方案，提升了公司的长期投资价值。 风险提示。竞争加剧影响上架率和价格；建设审批收紧影响公司IDC建设节奏 IDC 行业激烈竞争延续影响25Q1 业绩，处置到期亚马逊经营性资产后续影响有限。IDC 租赁价格继续 下跌，同时部分客户退租，导致25Q1 公司IDC 业务营收同比下降4%；主要客户亚马逊于24 年底回收 了到期的12.2 亿经营性资产，产生的处置损失导致25Q1 云计算业务收入同比下降11.4%，毛利率同比 下滑5%，我们认为全年收益减少幅度为1 亿元左右，影响较小。 公司加大机柜投放力度，并布局算力业务，为后续增长打下基础。 截至25Q1 公司在运营机柜规模为5.9 万个标准机柜，较23 年底增加了7000 个机柜；公司积极有序增加 运营机柜规模，长沙项目（1.6万个机柜）、上海嘉定2 期项目（5000 个机柜）和天津宝坻1&2 期项目 （1.5 万个机柜）的部分机柜有望在年内投运，机柜规模扩大有利于实现规模效应，并增强公司议价 权，改 ...

截至4月21日收盘，MLOps概念上涨3.42%，位居概念板块涨幅第8，板块内，16股上涨，奥比中光、星 环科技、新炬网络等涨幅居前，分别上涨11.17%、8.76%、4.54%。跌幅居前的有光环新网、传音控股 等，分别下跌0.91%、0.81%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 黄金概念 | 4.28 | 租售同权 | -0.21 | | 金属锌 | 3.91 | 同花顺中特估100 | 0.01 | | 金属铅 | 3.84 | 房屋检测 | 0.07 | | 财税数字化 | 3.71 | 低辐射玻璃(Low-E) | 0.15 | | Sora概念(文生视频) | 3.60 | 中船系 | 0.20 | | 云办公 | 3.59 | 超级品牌 | 0.25 | | 华为盘古 | 3.55 | ST板块 | 0.30 | | MLOps概念 | 3.42 | 白酒概念 | 0.39 | | 人形机器人 | 3.39 | 环氧丙烷 | 0.40 | | Web3.0 | 3.36 | 赛马概念 | 0.43 | | ...